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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash Flows (used in) provided by Operating Activities:    
Net income $ 13,481 $ 13,154
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 3,099 3,266
Adjustments to credit losses reserve 395 269
Stock-based compensation expense 2,208 1,949
Amortization of discount on short-term investments, net (45) (2,324)
Gain on sale of short-term investments (76)  
Loss on disposal of fixed assets 16 21
Changes in assets and liabilities:    
Accounts receivable 7,054 79,306
Inventories (56,738) 279
Prepaid expenses and other current assets (2,668) 196
Other non-current assets 84 280
Accounts payable (26,958) (45,127)
Accrued expenses and other liabilities 7,761 6,016
Net cash (used in) provided by operating activities (52,387) 57,285
Cash Flows provided by (used in) Investing Activities:    
Purchases of short-term investments (52,358) (99,999)
Proceeds from sale of short-term investments 108,763  
Maturities of short-term investments 50,000 50,000
Purchases of property and equipment (1,711) (1,608)
Net cash provided by (used in) investing activities 104,694 (51,607)
Cash Flows used in Financing Activities:    
Proceeds from short-term borrowings 732 8,349
Repayment of short-term borrowings (732) (8,349)
Purchase of common stock for treasury shares (43,739) (186)
Dividend payments (3,910) (2,636)
Payments of payroll taxes on stock-based compensation through shares withheld (519) (231)
Net cash used in financing activities (48,168) (3,053)
Increase in cash and cash equivalents 4,139 2,625
Cash and cash equivalents, beginning of period 178,318 144,954
Cash and cash equivalents, end of period 182,457 147,579
Non-cash Investing and Financing Activities:    
Accrued purchases of property and equipment 437 336
Accrued purchase of treasury shares 1,027  
Accrued excise tax on treasury purchases 432 2
Supplemental Cash Flow Information:    
Income taxes paid $ 3,059 635
Interest paid   $ 1